Pre-payment at the Innisfil Funeral Home is the optional step that can be taken when pre-planning a funeral. This sections discusses the advantages, highlights the available options and answers the common questions that we receive.
At Innisfil Funeral Home, pre-payment is always an option and never an obligation. Pre-paying a funeral in addition to pre-planning has several important advantages:
Protects the cost of the funeral from inflation when pre-paid in full or when installments are paid through qualified insurance options
Recongnized by Canada Revenue Agency as a tax-free method for people to invest their money; any interest earned that is used for funeral related expenses is not subject to tax
Removes the financial burden from surviving family should the estate not have sufficient funds to cover funeral costs
Peace of mind knowing that it is looked after
Flexible payment plans can be arranged. Please inquire for details
The cost of the funeral is calculated based on the prices in effect on the day of the pre-arrangement. The arranger then has 3 pre-payment options;
The total amount of the quotation is paid to the funeral home in one installment.
WHAT HAPPENS TO THE MONEY WHEN I PRE-PAY IN FULL?
The funeral home invests the money which remains invested until the death occurs or until the contract is canceled. The money will earn interest during the time that it is invested.
WHAT HAPPENS TO THE INTEREST EARNED?
The interest earned is used to pay the difference between the actual costs of the funeral when pre-arranged and when the services are required (inflation). Should there not be enough money to cover the inflation, the funeral home will absorb that cost. Any excess money will be refunded to the estate. Only interest that is refunded is subject to taxation; any interest earned that is used to cover funeral expenses is tax-free.
This option accommodates families wishing to have burial but who do not require any viewing, visitation or any type of service to be held in the funeral home or at a church. We would make arrangements for, and direct the funeral service that would take place only at the cemetery.
Reception facilities are available back at the funeral home for families wishing to have a gathering following the graveside service. Please refer to the section After Funeral Reception Facilities.
Click here to download our current Price Schedule in PDF format. Our Price Schedule includes prices on the packages and options below as well as caskets, burial vaults, urns and cash disbursements.
Partial payments can be contributed towards a pre-arrangement. Payment terms can range from one year and up to as long as 20 years. Payments can also be scheduled monthly, bi-monthly, quarterly or annually. Pre-payment options can be explained by one of our funeral directors.
WHAT HAPPENS TO EACH PARTIAL PAYMENT I MAKE?
Any payment received is always securely invested where it is accumulating interest.
IS THE COST OF THE FUNERAL GUARANTEED IF I SELECT A PAYMENT PLAN?
Payment plans can be fully insured for those who qualify. If the death happens prior to the completion of all payments, selected plans will cover the entire funeral expense. A 24 month limitation may apply if there are previous health conditions but all payments plus applicable interest are applied to the cost of the funeral. We also understand that insuring the funeral expense prior to death may not be for everyone. We will show you the insured and non-insured options and a cost comparison. Each option can be explained by contacting our office.
People can specify on their pre-arrangement that the funeral be funded from another source such as an existing insurance policy. In most situations, the cost of the funeral would not be guaranteed by the funeral home. The details of existing insurance policies would be recorded on file. The cost of the funeral would continue to index according to inflation and will be priced according to price schedule that is in effect at time of death. Some existing policies that are indexed to inflation may be guaranteed pending our review and acceptance. Please contact our office to discuss this option.
CAN WE PRE-PLAN FOR BOTH OF US BUT ONLY PRE-PAY ONE?
Absolutely. Whether the arrangements are paid in full or paid by
CAN I MAKE CHANGES TO MY PRE-ARRANGEMENT?
Yes. You are able to make any changes you would like at
CAN MY ARRANGEMENTS BE CANCELLED?
Pre-paid funeral contracts may be cancelled by the arranger or by their legally appointed representative at
IF I PRE-PAY, IS MY MONEY SECURE?
Pre-paid funds are protected by the Province of Ontario. The Bereavement Authority of Ontario (BAO) is in place to regulate, licence and monitor funeral establishments and their staff. The BAO has established a compensation fund designed to protect pre-paid funeral funds. This 100% protection covers both the original
HOW IS THE COST OF MY FUNERAL DETERMINED?
Our price schedule covers most aspects of the services and merchandise we offer. A price schedule is available at no cost or obligation. Not all items listed will be applicable. These items will vary according to the options you select. As mentioned earlier, a funeral pre-arrangement contract basically divides into 3 sections:
I HAVE ALREADY PRE-PAID WITH ANOTHER FUNERAL HOME. CAN I SWITCH MY ARRANGEMENTS TO
Yes. We can assist in
I WANT TO PRE-ARRANGE. WHAT IS THE NEXT STEP?
If you would like to discuss your arrangements with us, feel free to call us or stop by our office. If you plan on coming